DBS Bank Fixed Deposit

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Fixed deposit is a secured investment option where a certain amount of money is retained by the banking institution for a fixed term. Upon maturity, you draw the principal amount, plus interest charges at a fixed rate. Fixed deposit or F.D as popularly known is one of the safest investment products available in the market today.

Compared to parking money in a savings account, FD is better equipped to handle your money by earning higher returns over a period of time. This product meets the financial needs of both traditional and risk taking investor by disbursing good returns upon maturity. Fixed deposit is an ideal endowment option that fuels short and long term financial obligations.

Development Bank of Singapore is a leading banking institution in the country. DBS is a major banking and financial institution that provides services in consumer banking, treasury and markets, asset management, securities, brokerage & equity. DBS is a Singapore headquartered multinational bank with sturdy presence in most of the south East Asian countries which includes India & China.

DBS was founded by the Government of Singapore in 1968. Today, it is the largest bank in Singapore by assets size. This Singapore exchange listed bank runs over 100 branches in the country serviced by 21,000 employees.

DBS Bank Fixed Deposit Schemes in Singapore

Fixed deposit products from DBS are of 3 types.

Singapore Dollar FD

Foreign Currency FD

DBS Premier Income Account

Singapore Dollar FD

A fixed deposit scheme which lets you invest in SGD. Begin your investment journey with a placement amount as less as S$1,000. You can easily invest at branches or via ibanking facility. Choose from a tenor that ranges from one month to 2 years.

Foreign Currency FD

Earn higher interest charges by investing in a foreign currency. Choose from over 9 major currencies worldwide. Minimum placement amount should be equivalent to S$5,000 & the tenor can range from 1 to 12 months.

Given that the conversion rate of many foreign currencies is higher than that of Singapore Dollar, you can get more value for your money by investing on a foreign currency time deposit account from DBS bank. You will also enjoy high interest rate with the amount that you deposit.

DBS Premier Income Account

A premium fixed deposit product aimed at investment needs of people above the age of 55 years.

Choose from a tenor starting from 6 months that can be extended up to 24 months. For tenors of 12, 18 and 24 months, you get to choose to receive monthly interests or as a lump sum. The minimum placement amount under this scheme is SGD10,000. There can be a joint holding with at least one of the account holders above the age of 55 years.

Why choose DBS Fixed Deposit?

DBS not only offers FD products in Singapore Dollar, but also lets you invest in various international currencies. With flexibility to choose terms as per your convenience and facility to manage the account online, Fixed Deposit from this bank can be your ideal answer to financial goals.

Features & Benefits of DBS Bank Fixed Deposit

Easy to invest: Begin investing in fixed deposits by visiting a branch or via ibanking (internet banking). Manage your deposits under a single window.

Vast & flexible tenor option: Tenor options range from 1 month and can go up to 2 years. With such wide ambit, you are free to choose a period that meets your investment aspirations.

Choice of currencies: Invest in over 9 major currencies without having to worry about conversions. From Singapore Dollar to USD.

Overdraft feature: Pledge your FD as collateral towards applying for an overdraft of up to S$10,000 at exclusive interest rates.

Fixed income option: With DBS Premier Income Account, choose to receive interest charges credited into your bank account on a monthly basis for your fixed deposit.

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DBS Fixed Deposit - Eligibility

Singapore Dollar FD: The applicant should be at least 12 years old. For minors younger than 12 years in age, a trust minor account can be opened under the supervision of a parent/legal guardian who is at least 21 years in age.

Foreign Currency FD: The account holder should be at least 18 years in age. Minors less than 12 years can open a foreign currency FD with parent/legal guardian who is at least 21 years old.

DBS Premier Income Account: At Least one of the account holder(s) should be 55 years in age.

Minimum Initial Deposit

Singapore Dollar FD

S$1,000

Foreign Currency FD

S$5,000 equivalent

DBS Premier Income Account

S$10,000

DBS Singaporean Dollar Time Deposit Interest Rate 2018

Tenure

S$1,000 to S$9,999

$10,000-

$19,999

$20,000-

$49,999

S$50,000-

$99,999

$100,000-

$249,999

$250,000-

$499,999

$500,000-

$999,999

Interest rate p.a.

1 month

0.05%

0.05%

0.05%

0.05%

0.05%

0.05%

0.05%

2 months

0.05%

0.05%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.15%

0.15%

0.15%

0.15%

0.15%

0.15%

0.15%

4 months

0.15%

0.15%

0.15%

0.15%

0.15%

0.15%

0.15%

5 months

0.15%

0.15%

0.15%

0.15%

0.15%

0.15%

0.15%

6 months

0.20%

0.20%

0.20%

0.20%

0.20%

0.20%

0.20%

7 months

0.20%

0.20%

0.20%

0.20%

0.20%

0.20%

0.20%

8 months

0.20%

0.20%

0.20%

0.20%

0.20%

0.20%

0.20%

9 months

0.25%

0.25%

0.25%

0.25%

0.25%

0.25%

0.25%

10 months

0.25%

0.25%

0.25%

0.25%

0.25%

0.25%

0.25%

11 months

0.25%

0.25%

0.25%

0.25%

0.25%

0.25%

0.25%

12 months

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

18 months

0.8%

0.8%

0.8%

0.8%

0.8%

0.8%

0.8%

24 months

1%

1%

1%

1%

1%

1%

1%

36 months

1.1%

1.1%

1.1%

1.1%

1.1%

1.1%

1.1%

48 months

1.15%

1.15%

1.15%

1.15%

1.15%

1.15%

1.15%

60 months

1.2%

1.2%

1.2%

1.2%

1.2%

1.2%

1.2%

DBS Foreign Currency Fixed Deposit Interest Rate 2018 (USD)

Tenure

USD10,000

USD25,000

USD50,000

USD100,000

USD250,000

USD500,000 or more

Interest rate p.a.

1 day

0.00%

0.00%

0.00%

1.01%

1.01%

1.01%

1 week

0.00%

0.00%

0.00%

1.03%

1.03%

1.03%

1 month

1.17%

1.17%

1.17%

1.23%

1.23%

1.23%

2 months

1.28%

1.28%

1.28%

1.36%

1.36%

1.36%

3 months

1.40%

1.40%

1.40%

1.47%

1.47%

1.47%

6 months

1.43%

1.43%

1.43%

1.60%

1.60%

1.60%

Note: The minimum deposit amount an amount in the foreign currency equivalent to S$5,000.

DBS Foreign Currency Fixed Deposit Interest Rate 2018 (GBP)

Tenure

GBP25,000

GBP50,000

GBP100,000

GBP250,000

GBP500,000

Interest rate p.a.

1 day

0.00%

0.00%

0.00%

0.00%

0.00%

1 week

0.00%

0.00%

0.00%

0.00%

0.00%

1 month

0.00%

0.00%

0.00%

0.055%

0.115%

2 months

0.00%

0.00%

0.000%

0.00%

0.00%

3 months

0.00%

0.00%

0.00%

0.125%

0.175%

6 months

0.00%

0.00%

0.025%

0.235%

0.265%

12 months

0.095%

0.095%

0.175%

0.455%

0.575%

Note: The minimum deposit amount an amount in the foreign currency equivalent to S$5,000.

Note: The minimum deposit amount an amount in the foreign currency equivalent to S$5,000.

DBS Foreign Currency Fixed Deposit Interest Rate (Hong Kong Dollar)

Tenure

< HKD500,000

<= HKD2.5 million

<= HKD5 million

Interest rate p.a.

1 day

0%

0%

0%

1 week

0%

0%

0%

1 month

0.000%

0.015%

0.075%

2 months

0.145%

0.215%

0.275%

3 months

0.315%

0.385%

0.445%

6 months

0.435%

0.505%

0.565%

12 months

0.87%

0.87%

0.87%

Note: The minimum deposit amount an amount in the foreign currency equivalent to S$5,000.

Fixed Deposit Schemes Offered by DBS in Singapore

Singapore Dollar Time Deposit

In order to qualify for the Singapore Dollar Time Deposit scheme, an individual needs to be at least 12 years old.

The tenures range from 1 month to 5 years, and customers can choose a tenure that suits them best.

You can withdraw the amount in your account before the maturity date of your deposit. the interest earned will be reduced.

The interest earned will be subject to taxes in accordance with the laws in Singapore.

Foreign Currency Time Deposit

The Foreign Currency Time Deposit option lets you open an account in different foreign currencies that include USD, GBP, Yuan, AUD, Yen, etc.

The maximum tenure for the foreign currency fixed deposit account is 12 months.

You can choose a tenure of your choice – interest earned will be higher if the tenure is longer and the amount in question is larger.

DBS Fixed Deposit Insurance Scheme

To ensure that the money you put in a bank is safe from untoward circumstances such as the closure or instability of the institution, the Monetary Authority of Singapore (MAS) has mandated that all deposits of individuals should be protected. This is facilitated through the Deposit Insurance Scheme (DIS) administered by the Singapore Deposit Insurance Corporation (SDIC).

The insurance is available only on smaller deposits – of up to S$50,000 – and that too only Singapore dollar deposits.

Other Products offered by DBS Singapore

DBS Fixed Deposit FAQs

What happens if I decide to close my DBS fixed account before maturity?

The bank allows its customers to close or withdraw fixed deposit amount before its maturity. You may receive less or no interest on the principal amount. However, DBS returns the principal amount in full.

How is interest computed on the fixed deposit?

DBS follows the industry standards of computing interest in calendar quarters of the specific year.

Is there an eligibility requirement to open a fixed deposit account with DBS?

The investor should be at least 18 years in age. For foreign currency fixed deposits, customers less than 12 years are eligible to apply with representation from parent or legal guardian of at least 21 years.

Can I convert my personal fixed deposit account into a joint account?

You are free to convert your DBS FD account into a joint account by visiting any of the designated branches. The bank does not charge any fee for conversions.

Will the interest earned on my FD account attract tax?

If you are a non-Singaporean, you will have to pay tax – withholding tax or income tax – on the interest earned in your FD account.

Can I set maturity instructions when placing the deposit?

Yes. You can set instructions for maturity. You can either get both the principal and interest amount put back into an FD, or renew only the principal amount and withdraw the interest amount.

Can I open a term deposit for 1 week or so?

This is definitely a possibility, but you will have to contact the bank for further details.

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News About DBS Bank Fixed Deposit

Sign up for DBS Treasures within 31 December 2017 and stand a chance to win a gamut of special gifts. You can win up to S$5,600 in cash rebates and gifts through investments and insurances made through the DBS Treasures wealth management program.

The DBS Bank is here with its latest promotions for the new applicants of DBS Treasures. You can sign up for DBS Treasures and win a cash credit of up to S$5,600! DBS Treasures is definitely an option you can consider to manage your finances better.

DBS Bank said it will not sell packaged retail and insurance-based investment products to retail investors in the European Economic Area, starting 1 January 2018. The move comes in response to new KID regulation on PRIIPs announced by the European Commission.

26th December 2017

4 Financial Tips to keep in mind when you are 40

Are you 40 already? Or are you approaching that crucial age? Well, if you are, here are some priceless tips that you should consider.

Your savings

Having enough money in your bank account is crucial. With so many expenses that will come your way unannounced, you need to have enough money to expend for a rainy day. If you feel your savings aren’t good enough, the first thing you should be doing is working to bring them up.

Investing in a good health insurance policy

If you don’t have a comprehensive health insurance policy yet, well, you might definitely want to purchase one. If you already have one, you might think about expanding the scope of your policy cover, for you never know what life will hold in the years to come. As far as term plans are concerned, you must have already invested in one by the time you’re 40.

Clearing out your loans

Perhaps the only advisable loan to have when you are 40 is a home loan – you should make sure you set yourself free of your personal loans, and your credit card debt (which should be low enough to be negligible). A car loan along with your home loan is also fine – this should ideally be the case only of your spouse is also earning.

Plan for your retirement

The last tip on the list, and perhaps the most important one, is investing in a retirement plan. Choose a plan that will give you a good amount in the form of pension, so that you can live your retirement years without hassle.

16th November 2017

Things you should know about SIBOR and fixed deposit rates

Home buyers have two major rate packages when taking on home loans, SIBOR and fixed deposit home rate (FHR). Before you make a decision based on the present rate, you should take a few things into account:

• SIBOR is dependent upon day-to-day markets and hence the economy. The economy in Singapore is fairly stable and hence SIBOR experiences low fluctuations.

• FHR is dependent on the FD rates of the bank and hence is dependent mostly upon the performance of the bank itself.

• The banks can also intervene and change the prices of FHR based on their discretion, without intervention by the government.

• Changes in SIBOR rates have far-reaching implications, therefore it is indirectly controlled by the government as it controls the economy.

• SIBOR can fluctuate heavily with massive fluctuations in global economies like that of the US, but in this scenario the FHR will be affected as well.

• FHR also attracts higher premiums. The premiums are negotiable but will always be considerably higher than that of Sibor packages.

Based on all the information, we recommend taking the FHR loan if you foresee high economic instability in the future, but be aware that performance of banks in that scenario will be affected and hence will affect your FHR rates too.

22nd September 2017

DBS to gain big from rate upcycle

Singapore’s largest bank, DBS, is all set to make big returns from the new rate upcycle, owing to its large number of loans denominated in Singaporean dollars.

Loans in Singapore dollars make up for 40.5% of total loans, mostly owing to the Singapore dollar-CASA ratio standing at 89.5%.

DBS has also consistently maintained its market share in Singapore dollar denominated savings accounts and currently holds 52% of the total market share. As far as Singapore dollar Fixed Deposits are concerned, although the share of these FDs is 10.4% of its Singapore dollar denominated deposits, it doesn’t need to aggressively push for an increase in this number owing to its healthy market standing in terms of total deposits denominated in Singaporean dollars.

Moreover, DBS’s fixed deposit rates are amongst the lowest rates in Singapore – 0.56% - much lower in comparison to other top banks like OCBC and UOB that offer Fixed Deposit rates of 1.04% and 1.12% respectively.

16th August 2017

DBS stays in front of the dollar-bond game

Development Bank of Singapore Group has pushed the market share to 47% from 39% and has stayed on top of the dollar-bond game in Singapore. This data is as per the information provided by Bloomberg.

Mr. Clifford Lee, the fixed income head of DBS stated that they have a 50% market share at present. They have made it possible by bringing in more issuers from foreign countries. Manulife, the Canadian insurance company, was also helped by the bank when DBS joined hands with Standard Chartered bank. The insurer was able to sell ten year bonds worth S$500 million at 3.85%.

11th July 2016

DBS Foundation to Fund Aspiring Entrepreneurs

The DBS Foundation will provide funding and business advice to people aiming to become social entrepreneurs in 2016 through its competition and grant programme. It has ordered research on the process of working with social incubators to help social enterprises and on alternative financing methods for such enterprises. Two-day DBS Foundation 2016 Social Enterprise Summit called ‘Hard Truths & Honest Conversations’ will be held in the Marina Bay Financial Centre and will have people who practice social enterprise discuss the realities of enterprise management, market and communities, skills, etc. This Summit will allow social enterprise aspirants to register for the grant programme from June 30. The applicants will be selected by a team from DBS based on the business model and its impact on the social need they plan to champion.

30th June 2016

Chart Released By DBS Bank Shows Improvement in Local Liquidity Conditions

DBS Bank released a chart today that indicates that liquidity conditions have improved in Singapore over the past few months. It also indicates that deposits have seen a steady increase for a while, whereas loan numbers have decreased slightly. There has also been a decent improvement in foreign reserves. According to DBS, domestic conditions in Singapore will be sufficient to counter any negate any pressure on Singapore Dollar rates as a result of the Singapore Dollar being weakened. The bank expects that Singapore Dollar rates will stabilise against US Dollar rates as there is possibility of rate hike by the US Federal Reserve.

17th May 2016

DBS declares Q1 profit: S$1.2 billion

A sharp increase in corporate borrowing and the number of housing loans disbursed paved the way for Singapore’s largest bank, DBS, to be able to declare a strong 6% rise in core net profits for Q1, 2016.

This announcement was made for the first 3 months of the year ending March 31st, 2016. In the same time last year, the bank had declared a profit of S$1.13 billion.

In terms of total income, the bank exceeded its own expectations, and was able to generate a staggering S$2.87 billion. The net income from interest was reported to be S$1.82 billion.